First Industrial Realty Trust Reports Tax Treatment of Preferred Stock Distributions

    First Industrial Realty Trust Reports Tax Treatment of Preferred Stock
                                Distributions

PR Newswire

CHICAGO, Jan. 30, 2013

CHICAGO, Jan. 30, 2013 /PRNewswire/ -- First Industrial Realty Trust, Inc.
(NYSE: FR), a leading owner and operator of industrial real estate and
provider of supply chain solutions, today reported the tax treatment of its
2012 distributions.

(Logo: http://photos.prnewswire.com/prnh/20040106/FRLOGO)

The Company announced the tax treatment of its 2012 preferred distributions on
its Series J Cumulative Redeemable Preferred Stock and its Series K Cumulative
Redeemable Preferred Stock. For tax purposes, 100 percent of the Company's
2012 preferred stock distributions represented return of capital (nondividend
distributions).

The preferred stock distributions with record dates of December 15, 2011 that
were paid on January 2, 2012 are allocable to 2012 for federal income tax
purposes. 

In 2012, the Company did not declare any common stock distributions.

Also in 2012, the Company announced the redemption of 2 million of its 6
million outstanding depositary shares relating to its 7.25% Series J
Cumulative Redeemable Preferred Stock. Shareholders affected by this
redemption should consult with their tax advisor on the tax treatment of this
partial redemption.

This release is based on the preliminary results of work on the Company's tax
filings and may be subject to correction or adjustment when the filings are
completed. However, no material change in the information reported is
expected. Shareholders are encouraged to consult with their tax advisors as
to their specific tax treatment.

The tables below summarize the income tax treatment of the Company's
distributions.

Preferred   Series J Cumulative Redeemable Preferred Stock
                                   Total        Total       2012      2012     2012 Total    2012        2012 Return of
Declaration Record     Payable     Distributions Distribution Total      Qualified Capital Gain   Unrecaptured Capital
Date        Date       Date        Per Share    Allocable to Ordinary   Dividends Distributions Section 1250 (Nondividend
                                                 2012        Dividends (1)                     Gain (2)    Distributions)
12/2/2011   12/15/2011 1/2/2012    $0.453130     $0.453130    $0.000000  $0.000000 $0.000000      $0.000000    $0.453130
3/5/2012    3/15/2012  4/2/2012    $0.453130     $0.453130    $0.000000  $0.000000 $0.000000      $0.000000    $0.453130
6/5/2012    6/15/2012  7/2/2012    $0.453130     $0.453130    $0.000000  $0.000000 $0.000000      $0.000000    $0.453130
9/4/2012    9/14/2012  10/1/2012   $0.453130     $0.453130    $0.000000  $0.000000 $0.000000      $0.000000    $0.453130
12/4/2012   12/14/2012 12/31/2012  $0.453130     $0.453130    $0.000000  $0.000000 $0.000000      $0.000000    $0.453130
            Total                  $2.265650     $2.265650    $0.000000  $0.000000 $0.000000      $0.000000    $2.265650
Form 1099-DIV Box                                             1a         1b        2a             2b           3



Preferred   Series J Cumulative Redeemable Preferred Stock - Depositary Shares Redeemed*
                                   Total        Total       2012      2012     2012 Total    2012        2012 Return of
Declaration Record     Payable     Distributions Distribution Total      Qualified Capital Gain   Unrecaptured Capital
Date        Date       Date        Per Share    Allocable to Ordinary   Dividends Distributions Section 1250 (Nondividend
                                                 2012        Dividends (1)                     Gain (2)    Distributions)
12/2/2011   12/15/2011 1/2/2012    $0.453130     $0.453130    $0.000000  $0.000000 $0.000000      $0.000000    $0.453130
3/5/2012    3/15/2012  4/2/2012    $0.453130     $0.453130    $0.000000  $0.000000 $0.000000      $0.000000    $0.453130
6/5/2012    6/15/2012  7/2/2012    $0.453130     $0.453130    $0.000000  $0.000000 $0.000000      $0.000000    $0.453130
9/4/2012    9/14/2012  10/1/2012   $0.453130     $0.453130    $0.000000  $0.000000 $0.000000      $0.000000    $0.453130
11/20/2012  N/A        12/21/2012  $0.407810     $0.407810    $0.000000  $0.000000 $0.000000      $0.000000    $0.407810
            Total                  $2.220330     $2.220330    $0.000000  $0.000000 $0.000000      $0.000000    $2.220330
Form 1099-DIV Box                                             1a         1b        2a             2b           3



Preferred   Series K Cumulative Redeemable Preferred Stock
                                   Total        Total       2012      2012     2012 Total    2012        2012 Return of
Declaration Record     Payable     Distributions Distribution Total      Qualified Capital Gain   Unrecaptured Capital
Date        Date       Date        Per Share    Allocable to Ordinary   Dividends Distributions Section 1250 (Nondividend
                                                 2012        Dividends (1)                     Gain (2)    Distributions)
12/2/2011   12/15/2011 1/2/2012    $0.453130     $0.453130    $0.000000  $0.000000 $0.000000      $0.000000    $0.453130
3/5/2012    3/15/2012  4/2/2012    $0.453130     $0.453130    $0.000000  $0.000000 $0.000000      $0.000000    $0.453130
6/5/2012    6/15/2012  7/2/2012    $0.453130     $0.453130    $0.000000  $0.000000 $0.000000      $0.000000    $0.453130
9/4/2012    9/14/2012  10/1/2012   $0.453130     $0.453130    $0.000000  $0.000000 $0.000000      $0.000000    $0.453130
12/4/2012   12/14/2012 12/31/2012  $0.453130     $0.453130    $0.000000  $0.000000 $0.000000      $0.000000    $0.453130
            Total                  $2.265650     $2.265650    $0.000000  $0.000000 $0.000000      $0.000000    $2.265650
Form 1099-DIV Box                                             1a         1b        2a             2b           3

(1) Qualified Dividends (Box 1b) are a subset of, and are included in, the
    Total Ordinary Dividends reported in Box 1a.
(2) Unrecaptured Section 1250 Gain (Box 2b) is a subset of, and is included
    in, the Total Capital Gain Distributions reported in Box 2a.
    Schedule relates to the 2 million depositary shares of the Series J
*  Cumulative Redeemable Preferred Stock that were redeemed effective
    December 21, 2012 per the Company's press release dated November 20, 2012.

About First Industrial Realty Trust, Inc.

First Industrial Realty Trust, Inc. (NYSE: FR) is a leading owner and operator
of industrial real estate and provider of supply chain solutions to
multinational corporations and regional customers. Across major markets in
North America, our local market experts manage, lease, buy, (re)develop, and
sell bulk and regional distribution centers, light industrial, and other
industrial facility types. We have a track record of industry leading
customer service, and in total, we own, manage and have under development
approximately 68.1 million square feet of industrial space as of September 30,
2012. For more information, please visit us at www.firstindustrial.com. We
post or otherwise make available on this website from time to time information
that may be of interest to investors.

Forward-Looking Information

This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934. We intend for such forward-looking statements
to be covered by the safe harbor provisions for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995 and are
including this statement for purposes of complying with those safe harbor
provisions. Forward-looking statements, which are based on certain assumptions
and describe future plans, strategies and expectations of the Company, are
generally identifiable by use of the words "believe," "expect," "intend,"
"anticipate," "estimate," "project," "seek," "target," "potential," "focus,"
"may," "should" or similar expressions. Our ability to predict results or the
actual effect of future plans or strategies is inherently uncertain. Factors
which could have a materially adverse effect on our operations and future
prospects include, but are not limited to: changes in national, international,
regional and local economic conditions generally and real estate markets
specifically; changes in legislation/regulation (including changes to laws
governing the taxation of real estate investment trusts) and actions of
regulatory authorities (including the Internal Revenue Service); our ability
to qualify and maintain our status as a real estate investment trust; the
availability and attractiveness of financing (including both public and
private capital) to us and to our potential counterparties; the availability
and attractiveness of terms of additional debt repurchases; interest rates;
our credit agency ratings; our ability to comply with applicable financial
covenants; competition; changes in supply and demand for industrial properties
(including land, the supply and demand for which is inherently more volatile
than other types of industrial property) in the Company's current and proposed
market areas; difficulties in consummating acquisitions and dispositions;
risks related to our investments in properties through joint ventures;
environmental liabilities; slippages in development or lease-up schedules;
tenant creditworthiness; higher-than-expected costs; changes in asset
valuations and related impairment charges; changes in general accounting
principles, policies and guidelines applicable to real estate investment
trusts; international business risks; and those additional factors described
under the heading "Risk Factors" and elsewhere in the Company's annual report
on Form 10-K for the year ended December 31, 2011 and in the Company's
subsequent reports filed with the Securities and Exchange Commission. We
caution you not to place undue reliance on forward-looking statements, which
reflect our outlook only and speak only as of the date of this press release
or the dates indicated in the statements. We assume no obligation to update or
supplement forward-looking statements. For further information on these and
other factors that could impact the Company and the statements contained
herein, reference should be made to the Company's filings with the Securities
and Exchange Commission.

SOURCE First Industrial Realty Trust, Inc.

Contact: Art Harmon, Senior Director, Investor Relations and Corporate
Communications, +1-312-344-4320
 
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